The Boring Company CEO, speaking alongside Steven Davis, a former SpaceX engineer and Boring’s project leader, said that the fare for the up-to-150 mph “Loop” system would be $1. It will carry people from downtown LA to the city’s international airport, a distance of 11 miles, in eight minutes.

Conceptual images of the transit show it taking passengers directly from the surface down to the underground facility, and then sending them on through a network of multiple connected tunnels.

“This system is designed to be more like a highway and a bunch of off-ramps and loops connecting to the highway, kind of like cars,” Musk said. “Almost like an autonomous underground, multi-level car system… that costs a dollar.”

Musk is also the boss of electric automaker Tesla and space exploration firm SpaceX.